-126
£250,000 21 per cent. Con sols lodged, with the Bank of England as a special London reserve, at 95 £237,500 $252,500 27 per cent. Con- sols, £270,000 27 per cent. National War
1,900,000.00
Loan, at 90 £470,250... 4,702,500.00
£953,530 other sterling
securities standing in
THE HONGKONG WEEKLY PRESS AND
C.
Property account
ASSETS.
Disbursements account, cold storage Invested in:-
Hongkong Fire Insurance Co.'s share China Fire Insurance Co.'s share Canton Insuranco Office's share Debentures in Hongkong and Kowloon
Wharf and Godown Co., Limited Cash on hand
Hongkong and Shanghai Bank current ac-
count
Ontstanding accounts
Accounts receivable. ....... Ice on hand
Coal on hand.
the books, at £339,750. 3,397,500.00
10,000,0 0.00
Bills discounted, loans and credits
71,240,987.25
Bills receivable
68,549,588 07
Bank premises.....
344,343.87 | Jardine, Matheson & Co.
$211,457,722.78
GENERAL PROFIT AND LOSS ACCOUNT,
31ST DECEMBER, 1900.
Dr.
To amounts written off :-
Remuneration to directors
To dividend account :-
£1.10/- per share on 80,000 $ C.
shares £120,000 at 4/6... 533.333.33 Bonus of 10/- per share on
80,000 shares £40,000 at 4/6
To dividend adjustment account :--
Difference in exchange between 4,6, the rate at which the dividend and bonus are declared, and 2/1, the current rate of the day
LIABILITIES.
Capital
Accounts payable
$ c.
Ammonia reserve account
Profit and loss account
15,000.00
120.00
-
[February 9, 1901. C. the Reserve Fund stood at ten millions, 112,066.87 while now that Fund stands at twelve and
19,104.47
a half millions, presently to be increased 225.00 to thirteen and a half. However, there is 85.00 nothing to croak for. The present value is a seven per cent, investment, and this should be good enough for the most exacting investor. 10,000.00 Since the figures were published business has been very limited, only a few small lots chang- 23,193.19 ing hands at 360 and 364 for March and April 4,074.05 respectively. Cash-shares were booked at 350 and a point under. A waiting game is being played by the "big bugs," who are looking for- ward to a "slump" in March, the settlement for that month being undoubtedly heavy. But nous verrons.
470.31
486.00 180.00 270.00 50,500.00
$225,783.89
Docks, since the resolution for the con- $ c. version of the Reserve Fund into capital was 125,000,00
finally confirmed, have been careering merrily 7,061.78 12,156.79 upward, the highest point touched being 630 81,565.32 per cent. cash. Forward business was trans- acted at more than equivalent rates, and 6771 $225,783.89 per cont. for August was willingly paid.
PROFIT AND LOSS ACCOUNT.
C.
32,955.22 2,080.00
In connection with the conversion of the Re- serve Fund into capital, an impression seems to prevail that the capital so converted will not bear any dividend, or rather that the same dividend hitherto given will be spread over both 150.00
the old and new capital. Such a suggestion is obviously absurd, for it would really amount $35.105.22
to this, that the old shares will get less 10,000.00 return than heretofore. Surely it was not to 81,565.32 attain this result that those concerned worked so laboriously, to say nothing of the heavy legal $126,670.54 expenses incurred by the company. Of course the day may come when the Dock Company will havo to declare a smaller dividend, but that will be in the event of its earning power diminish- ing. Present indications, however, do not point in that direction.
$
177,777.78
To salaries, wages, and general trade ex-
penses...
711,111.11
To general managers' commission To anditor's fee
824,888.89
To interim dividend of 8 per cent. paid on
27th July, 1900
To transfer to silver reservo fund To balance forward to nort half year
1,000,000.00
To balance
1,410,272,65
$3,961,272,65
$
Cr.
S. O
$ C.
By balance brought forward from last year By receipt for ice during the value of
year, stock in hand, &c.
taxes paid).
By interest
By balance of undivided
profits, 30th June, 1900... 1,717,543.29
By amount of net profits for
the six months ending 31st December, 1900,after mak- ing provision for bad and doubtful debts, deducting all expenses and interest paid and due
2,243,720.36
3,961,272.65
$3,961,272.65
STERLING RESERVE FUND.
To balance........
$ C.
By rents received (less Crown rents and
By transfer fees
'CHANGE DOINGS.
C.
3,624.14 117,003.05
1,757.78 3,651.57 34.00
In the shipping line a good deal of activity has been displayed. Indos have been very much to the fore, going up by leaps and bounds. $126,670.54 Cash shares are extremely difficult to obtain, offers of $110.00 cash, towards the settlement, hardly meeting with any response. A consider able time business has been put through, $116 for June being the highest reported. It is a matter of common knowledge that this com- can be no doubt it has seen its worst days and pany has had a wonderfully good year. There may safely be recognised as a good investment. Both China Manilas and Steamboats have at- tracted attention, the former touching $75 cash, Steamboats were done up to $351 cash. The and $79 for March, receding a little latterly.
$1.20, besides a bonus of 30 cents. Company has just declared its usual dividend of
The financial stringency to which I alluded last month, and which had prevailed more or 10,000,000.00 less during the whole of last year, having considerably eased off, the January settlement $10,000,000.00 | passed off in a most satisfactory fashion. Instead of the dreaded "slump" that had been 10,000,000.00 foreshadowed, we had, on the contrary, a very sharp rise all round, which continued down to $10,000,000.00 the very day of settlement.
By balance 30th June, 1900 (invested in
stering securities).
SILVER RESERVE FUND.
To balance......
$ C.
$ C 3,000,00,00
The heaviest settling was in Lands and Indos, and both wore cleared off with apparent ease, the market at no time appearing over- loaded. Holders of the former stock must have $3,000,000.00 felt considerable satisfaction when they found their confidence in the concern $
was amply By balance 30th June, 1900
c. justified, as was shown by the excellent stato- 2,000,000.00 By transfer from profit and loss account 1,000,000.00
ment put before the meeting. The closing cash rate is $200, ex div., and on time business $3,000,000.00 was done for March and April on the same
THE HONGKONG ICE CO.,
LIMITED.
--
The following is the twentieth annual report of the above Company :-
The general managers have pleasure in sub- mitting a statement of the Company's accounts for the year 1900.
Including $3,624.14 brought forward from the previous year and after deducting $10,000 paid as an interim dividend of $2 per share, the balance at credit of profit and loss account is $81,565.32, which it is recommended should be appropriated as follows:-
A final dividend of $10 per share To write off property account... Towards providing for cold storage To carry forward
...
basis.
+1
The Bank's statement (subject to audit) for the final half-year has been made known, and a magnific nt statement it is too The cry "dull times," which has been heard all round in in our ears, and yet this Bank manages to pile consequence of the Chinese crisis, is still ringing up its millions of profit, alike unhindered and unharmed by political disturbances, be they produced by the machinations of the wily Muscovite in Far Cathay, or the obstinacy of the doughty Boer in South Africa. Verily, it is a magician's wand that the great "Teajay wields. In the face of such results it seenis in- conceivable that the market should be adversely affected, nevertheless it has so happened. The reason for this anomaly perhaps is not far to $50,000.00 | seek. It had been an open secret for some 12,066.87 time that the profits would be "a record," and 15,000.00 it was generally understood that a bonus of 4,498.45 twenty shillings would be declared. Even in 'high quarters" it was so anticipated, and in this, of course, the “ curbstone" followed suit. Naturally, the dis- expectant crowd on the appointment was very keen when it became known that a ten shilling bonus was declared. Judging from mere figures, a twenty shilling bonus was not an unreasonable expectation. It will be remembered that two years ago a twenty shilling bonus was declared, when the profits were not quite up to the present figures and
$31,565.32 nt enquiries in regard to cold storage cided the general managers to provide appears to be a public want, The neces- sary buildings are now in course of erection, and the requisite plant has been ordered.
JARDINE, MATHESON & Co.,
General Managers. Hongkong, 31st January, 1901.
|
Sugars were strongly enquired after in the rapid advance, $122 cash failing to bring out last few days, which caused them to make a shares. It is said that this sudden demand is caused by the intended change of duty in Japan. Luzons also were booked at $39, closing in some demand.
Kowloon Wharves have improved their posi tion somewhat, and buyers would be prepared to pay $91 for shares.
of favour again at a point lower. There is a talk Hotels, after touching $125, appear to be out that the half-yearly statement will not come up to expectation.
some time, their position further improving by Humphreys have been well to the front for the Chairman's statement that the dividend for the current year is already assured.
A hand-to-mouth business has been doing in Cements, more at $193 than $20,
A department, which had hitherto been very much neglected, the Insurance group, claimed the Fire Companies advanced several points, a good deal of public attention of late. Both Chinas up to $85 and Hongkongs to $315. The former, however, have weakened a little $56 with a fair business. since. China Traders moved from $52 up to
during the month. When it was seen that the Hongkong Cottons have played a 808-8aw game General Agents were prepared to provide fur. rate of $5, at which they then stood, was soon ther funds a rush was made for shares. The pushed into double figures rising finally to $22. » This latter figure tempted several holders, who anxiously came in the market, to be among the ñrst to realise. The result, as was to be ex- pected, was an overloading of the market and a rapid decline, the rate closing at $14 sellers. It seems a great pity that such a large indus-
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